Insurance Times Awards 2023: Lloyd’s and Vitesse push for quicker claims payouts for customers

What made you decide to enter the Customer Champion of the Year – Insurer category?

At Lloyd’s, we put the customer at the heart of everything we do, and the Faster Claims Payment (FCP) solution really was developed to significantly enhance their experience.

Especially during catastrophes, in their greatest time of need, customers deserve to have their claims paid quickly and directly, without cumbersome processes and outdated funding arrangements getting in the way.

By holding funds centrally with our partner payment service provider Vitesse, rather than in thousands of small and easily depleted bank accounts globally, customers can be paid in minutes and days rather than weeks and months – and in local currencies.

What do you think makes your entry stand out and why should you win the award?

Everyone is astonished by the sheer scale of the problem we were trying to overcome with our partner Vitesse.

£1bn of Lloyd’s claims funds have historically been impacted by the complicated monthly accounting processes to move money between multiples parties and jurisdictions. The delays in replenishing the funds held by our administrators around the world were unacceptable.

This solution was a massive coordination effort, developed with and for the entire Lloyd’s market and our market associations, and the outcome of the cooperation involved has benefited everyone, none more so that our policyholders when they need us the most.

What would winning this award mean to you and your firm?

We really want as many people as possible to be using FCP and need to get the word out about the benefits to those not already on board.

We’ve had so much support from Lloyd’s market participants and market associations and this is great recognition for everyone who has been a part of developing and promoting the solution.

Lloyd’s reputation for more than three centuries rests on our ability to pay all valid claims quickly and efficiently and our customers deserved a better, future-proofed solution.

The more people we can get to adopt FCP, the greater the benefits for everyone.